Quistclose Trusts: Beware of importing principles of equity into commercial law

Fulbright & Jaworski International LLP | Trusts and Estates Law & Tax Journal | April 2013 #145
Jehan-Philippe Wood analyses Bieber v Teathers, which sheds new light on how a Quistclose trust is defined in the context of partnerships It is one thing to accept that a trust can exist alongside a contractual arrangement. It is quite another to try to reconcile competing arrangements. A Quistclose trust (the name derives from Barclays …

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Bieber & ors v Teathers Ltd [2012] EWCA Civ 1466

Wills & Trusts Law Reports | January/February 2013 #126

The defendant (Teathers) promoted a series of unregulated collective investment schemes intended to take advantage of tax reliefs available on investments in TV productions. UK tax payers were entitled to write down 100% of any expenditure on a film or TV production certified as a British Qualifying Film. The schemes had not proved successful. Many of the productions were commercial failures and a number of them had not been certified as British Qualifying Films and were illegible for the tax relief that was the rationale behind the schemes. The claimants argued that money invested in th...